Financials

• LHN Ltd (LHN SP) is delisting its secondary listing in Hong Kong and concurrently spinning off its co-living business.
• The Hong Kong-listing, which was illiquid from the onset, has received approval from the HK Listing Committee to delist. Shareholders will vote on the spin-off on the 9th September. 
• LHN is up 95% since the spin-off announcement. The accretion from the new listing is well baked in. And then some. 

• Shengjing Bank Co Ltd H (2066 HK) disclosed a voluntary conditional offer and delisting proposal by Shenyang SASAC at HK$1.32 per H Share, a 15.8% premium to the undisturbed price.
• The key conditions are H Shareholder approval of the delisting and a minimum acceptance condition (50% of outstanding and 90% of H Shares). The offer has NOT been declared final.
• The offer is unattractive compared to precedent transactions, peer multiples and historical trading ranges. The satisfaction of the minimum acceptance condition is the key risk.  

• HK$1.32/Share, a 15.79% premium to undisturbed, and a massive 86.49% discount to NAV. For a rural commercial bank privatisation, there is nothing pretty in those numbers.
• Even the Offers for Bank Of Jinzhou (416 HK) and Jilin Jiutai Rural Comm Bank (6122 HK) were pitched (slightly) higher, from a P/NAV standpoint. And both were perennially suspended.
• This is privatisation via a voluntary offer, NOT a privatisation via a Merger by Absorption. As such there is scheme-like vote AND a 90% tendering condition.

• PLYM received a $24.10/share takeover bid from Sixth Street Capital, with a 14-15% spread to the bid price.
• Sixth Street has a prior relationship with PLYM, having invested $250m for a 65% stake in PLYM’s Chicago portfolio JV.
• PLYM’s governance structure lacks staggered boards and dual-class shares, making management vulnerable to activist investors.

• The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
• For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
• They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, SK Hynix, JSW Infrastructure
• UST yields rose slightly amid limited new catalysts yesterday, reversing a portion of the steep declines from last Friday.
• The yield on the 2Y UST advanced 3 bps to 3.72%, while that on the 10Y UST was up 2 bps at 4.28%. Equities retreated, with the S&P 500 and Nasdaq down 0.4% and 0.2% at 6,439 and 21,449, respectively.

• Major governance shake-up: >KRW 2T companies face mandatory cumulative voting, giving minorities real board influence, while audit committee split votes expand from 1 to 2+, boosting independence.
• Trade sweet spot is holdcos and brokers with high treasury stock and retail float. Bloated buybacks may drive cancellations, sparking quick momentum trades in messy-governance names.
• Today, holdcos and brokers with 10%+ treasury stock and >₩500bn market cap are leading pops, driving action and attracting fast-money flows.

• The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
• As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
• Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.

• Dollar undervaluation has closed in the past three months, but institutional Fed credibility news has not had a durable effect on the price.
• Concerns about exceptionalism in US equity market strength potentially pushing the dollar higher are countered by better growth not being US exclusive and the impact of inflation on currency.
• Despite large inflows into US equities in June, the dollar fell substantially, raising questions about the relationship between flows and dollar strength.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, for the week August 25 – August 29. .XLSX MODEL DATA FILE ATTACHED.
• OVERBOUGHT at the WEEKLY Close: Alphabet, S&P 500 INDEX , Tesla , China Mobile (941 HK) , Toyota Motor (7203 JP) , ASX 200 INDEX , CSI 300 Index , HSI INDEX.
• OVERSOLD at the WEEKLY Close: Meta (META US) , Softbank Group (9984 JP).

• Mediobanca trades as a cheap option on a BMPS bump: limited downside, positive skew, and convergence momentum after Generali defence failed. Positioning risk/reward is asymmetric into the September deadline.
• With BMPS paper implying little premium, spread tightness reflects embedded expectations of a bump. Investors effectively hold optionality: upside on improved terms, downside cushioned by franchise value and sector consolidation.
• Regulatory overhang looks contained: ECB signed off, Rome aligned. Focus shifts to September 8 acceptance deadline, where pressure builds on BMPS to sweeten terms and avoid a messy partial outcome.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• ChatGPT said: HDFC Bank is now held by 71% of active EM funds — an all-time high, with steady inflows and just one exit in six months.
• Aggressive Growth funds show strongest conviction, with multiple holders above a 7% weight.
• Post-Merger, HDFC has widened its lead over ICICI and regional peers, cementing its role as EM managers’ core financials exposure.

• China Vanke’s H1/25 results remained weak, mainly due to operating losses at its property development segment.
• The property development gross margin continued to contract, as the company continued to deliver projects with high land costs.
• Earnings were also impacted by impairment charges amid persistent industry weakness, as well as fair value losses from asset disposals.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Currently eight pair trade opportunities across three markets and four sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Context: The Scentre Group (SCG AU) vs. Stockland (SGP AU) price-ratio has deviated more than three standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights:Stockland (SGP AU) rallied 7.0% on 20 August after reporting results, creating a gap between the two stocks. Scentre Group (SCG AU) is set to report on 26 August,
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• The on-chain real-world asset (RWA) market (ex-stablecoins) has grown to an estimated $24.8B (+57.9% YTD), validated by the presence of institutional giants like BlackRock, Franklin Templeton, and Apollo.
• Despite this surge, the current market is a small fraction of the $400T+ estimated “blue-sky” addressable TradFi market, highlighting a significant runway for growth.
• The on-chain market is currently dominated by two asset classes that offer utility.

• Jones Lang LaSalle, Inc. (JLL) demonstrated a strong performance in its second-quarter 2025 results, reflecting significant progress in both resilient and transactional business lines.
• The company achieved a 10% increase in consolidated revenue, a 17% growth in adjusted EBITDA, and a 29% rise in adjusted EPS.
• Despite challenges in the broader geopolitical and policy climate, these results underscore JLL’s capacity for sustainable organic growth.

• Sony Financial Group (perhaps 8729 JP) will be spun off from SONY on 29 September 2025. The nominal share price will be “low” – likely 4-6% of Sony’s price.
• Index treatment is largely known with the exception of a market cap trigger to stay in or get the boot from one major global index provider’s set of large-midcap indices.
• There is a buyback to come which will offset global active manager “I don’t want this” overhang. There are technical trades to do here too but overall I am positive.

• Predicting binary events based on regulatory action or inaction is not ideal. Decide Monday or Tuesday to either sell Shibaura Electronics (6957 JP) in the market or tender.
• Krungthai Card (KTC TB) is still a buy as latest pledged shares numbers fall to 2.3% of shares outstanding, down from 16.3% in May.
• Wilmar International (WIL SP) appears “cheap” to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); however recent implied stub figures have rolled over

• M&A valuations won’t rely solely on market prices, carve-outs favor parent shareholders, and mandatory tender offers plus IPO cornerstones lead, with tender offers live H1 next year.
• Commercial Act tweaks have tackled governance, and the tax reform boosts dividends. Today’s markets reform package addresses the last missing piece: giving minority shareholders a fair shake in M&A scenarios.
• Details and timelines remain unclear, but the package sets a roadmap to improve Korea’s equity risk-return profile, supporting DM inclusion upside and maintaining the Korea Premium narrative.

• Euro area core inflation may slip to 2.1% in August and stay there in September, with pressure likely coming later in the fourth quarter from wages and goods inflation.
• Headline inflation in the Euro area is forecasted to fall to 1.8% in the fourth quarter of 2025, with core inflation at 2.1% and further declines expected by the end of 2026.
• UK headline inflation is expected to rise to 4% CPI in September before moderating, with front end UK inflation breakevens declining but offering value at these levels.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• As reported by Brian Freitas , 2 days ago S&P DJI confirmed that the proposals in the market consultation will be implemented at the September 25 rebalance. Details here.
• The S&P/ASX 200 (AS51 INDEX) is currently OVERBOUGHT according to our models: the index reached an 83% probability of reversal at the intraweek high (9025). Incoming pullback.
• The index could rally one more week (next week), that should be the end of this rally (short-term forecast), but could also pull back this week, checkour modelkey-supports.

• We incorporate our scorecard into this report covering ten Japanese midcap banks and we also introduce trailing twelve month return trends for the midcaps
• Iyogin Holdings remains a buy, which tops pre-provision returns and has large strategic cross-holdings; Hokuhoku Financial and Hachijuni Bank are also buys with these occupying the top three scorecard rankings
• We add Hirogin Holdings to the buy list; it is deep value among the peer group, with its premium earnings and dividend yield and its attractive ROE to PBV ratio

• In StubWorld: First Pacific (142 HK) Looking Stretched, I saw First Pacific Co (142 HK)‘s discount to NAV at ~30%, around its narrowest level in a decade.
• That analysis applied a fixed value for MPIC (delisted in 4Q23). However, if applying a look-through into 23.7%-held Manila Electric Company (MER PM), that NAV discount widens. Currently ~40%.
• By that yardstick this is the narrowest NAV discount since early 2018. This appears too tight. The benefits from the proposed spin-off of Maynilad appear baked in.

• Both accounting issues are complex, but intense regulator scrutiny fuels the Samsung Life Act case, sparking governance reshuffle bets and driving today’s Samsung Life stock pop.
• Accounting rechecks could spark divestment fears or governance-driven rerating, creating a classic headline-driven, bidirectional trading setup.
• Near-Term, this is a headline-driven momentum setup: Samsung Life longs/shorts, ready to pivot, with relative-value plays vs financial peers or Samsung’s governance-linked names.

• Hamilton Lane’s first quarter of fiscal 2026 showcased a multifaceted financial performance, marked by both growth and areas of concern.
• The company’s total asset footprint has seen a 5% year-on-year increase, reaching $986 billion, indicating robust growth across both specialized funds and customized separate accounts.
• These asset categories contributed significantly to the near $11 billion increase in Assets Under Management (AUM), now totaling $141 billion, reflecting a substantial 9% growth year-over-year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Japfa Comfeed
• UST yields declined 1-2 bps yesterday, amid limited macro catalysts and following good demand for an auction of 20Y notes. The yield on the 2Y UST was unchanged at 3.75%, while the yield on the 10Y UST fell 2 bps to 4.29%.
• Equities retreated for a second day, driven by broad decreases in tech heavyweights amid concerns over AI profitability. The S&P 500 slid 0.2% to 6,396, while the Nasdaq was down 0.7% at 21,173.

Picton Property Income (PCTN) delivered a 1.9% NAV total return in Q126, a combination of dividends (116% covered by EPRA earnings) and modest NAV growth. Lease events continue to unlock reversionary rent potential and portfolio repositioning continues. Share repurchases have contributed to strong share price gains in the year to date, but the discount to NAV remains 25% and is, in our view, an attractive opportunity.

• A new bill cutting Korea’s dividend tax hit the tape, giving local dividend plays an immediate boost on the news flow.
• The presidential office is aligned on pushing the dividend tax below the 27.5% CGT floor. The new party leader is also tightly syncing with the Blue House to avoid clashes.
• The DP’s tax cut move today puts the gov’s dividend narrative back in play with juice. We need setups to ride this theme.

• On the 7th April, the Ki Corporation/Public Storage (PSA US) consortium announced a NBIO, by way of a Scheme, for shares not held in Abacus Storage (ASK AU) at A$1.47/security.
• ASK rejected the Offer on the 13th May. The Kirsh-led consortium bumped non-binding terms 14.7% to A$1.65/share on the 14th July, and was granted six weeks of due diligence.
• DD expires on or around the 1st September. Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Currently trading at a 7.5% spread to the indicative terms. 

• The six-week due diligence for Ki Corporation and Public Storage (PSA US)‘s A$1.65 offer for Abacus Storage King (ASK AU) ends on 1 September.
• Some readers have asked if ASK is attractive at the current 7.5% gross spread. I think caution is warranted as there is a medium-to-high probability of no deal.
• The probability of a binding scheme is low, as NSR will block it, and the Board requires a bump to recommend it. A takeover offer is not a credible alternative. 

• As predicted in our July 15th insight, the Nikkei 225 (NKY INDEX) rallied past 41k (reached near 44k) and now, as predicted by our latest WEEKLY HEAT MAP, went down.
• The index reached a low of 42724 this week, it is only mildly oversold so far, probability of reversal is around 52% at the moment.
• Key support levels to watch are 42577 (Q2) and 41606 (Q3). A file with all our PRICE/TIME model dataset for the Nikkei 225 is attached at the end, for your reference. 

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Country Garden, Softbank Group, Xiaomi Corp, Sunny Optical
• UST yields declined 2-3 bps across the curve yesterday, with limited catalysts on the macro front and amid a sell-off in equities. The yield on the 2Y UST fell 2 bps to 3.75%, while the yield on the 10Y UST declined 3 bps to 4.31%. Equities retreated, driven by a sell-off in tech stocks. The S&P 500 declined 0.6% to 6,411, while the Nasdaq slumped 1.5% to 21,315.
• In the US, July housing starts rose 5.2% m-o-m (-1.8% e / 5.9% p) to an annualised 1.43 mn units. That said, the July (preliminary) building permits fell 2.8% m-o-m (-0.5% e / -0.1% p) to an annualised 1.35 mn units.

• CPKF’s second quarter net earnings increased $0.1 million, or 4%, to $3.1 million year over year, while 2025’s second quarter diluted EPS rose $0.02, or 7%, to $0.67.
• This was better than our estimate, which had called for a slight decline in net earnings of about $55,000 (off by about $50,000), as well as a $0.02 drop in EPS (off by $0.04).
• We are increasing our diluted EPS estimate for 2025 by a nickel from $2.70 to $2.75, representing a 14% gain over 2024’s actual EPS of $2.42.

• Toast, Inc., a leading restaurant management platform, recently announced its second-quarter results for 2025, showcasing a strong performance with some encouraging metrics but also facing challenges as it navigates growth and expansion in various segments and geographies.
• In the quarter ended June 30, 2025, Toast reported a 35% increase in recurring gross profit, achieving $161 million in adjusted EBITDA, with GAAP operating income reaching $80 million.
• The company added a record 8,500 net new restaurant locations, bringing the total to approximately 148,000 locations served.

• Brian Freitas has highlighted in his August 18th’s insight the details of what to expect in the upcoming, September 5, index rebalance for the Hang Seng Index (HSI INDEX) .
• The HSI started a modest pullback this week, outlook for the index remains bullish, this insight will try to determine both buy-the-dip and profit targets areas for the coming weeks.
• We have attached at the end of the insight an Excel file with all our price and time model’s data for the HSI INDEX. Check it out.

• Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
• UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
• Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.

• Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
• UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
• Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.

After the announcement that it has acquired 60% of lead-generating specialist FMK Group (FMK), JDC reported Q2 results last week. Management reiterated the new FY25 and FY26 guidance that was provided with the announcement of the FMK transaction. With the acquisition, the former FY30 target for EBITDA of €40–50m is already in sight and is now expected to be reached by FY27 at the latest. On our estimates, the lower end of this range could be reached in FY26. JDC is trading on an FY25e EV/adjusted EBITDA multiple of 15.3x (was 13.7x at Q1), which still appears undemanding, particularly compared to platform peers. Our discounted cash flow (DCF) values JDC at €36.89/share, increased from €34.56/share previously largely due to the FMK transaction.

• Since inception in 2010, there has been a 14.5% per annum increase in IRR to December 2024 as management has grown the portfolio to a total of approximately 50 maturing tech companies.
• These companies are in impactful technologies primarily focused on Big Data/Cloud, Ecommerce, Edtech, Mobility, FinTech and SaaS (software-as-a-service).
• The Interims to June 2025 reported a 3.8% increase in NAV to $6.80 from $6.55 as of 31 December 2024 and an Operating gain of $7.89m compared to a $0.19m Operating loss as at 30 June 2024.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT
• UST yields rose 1-2 bps yesterday, with limited major catalysts ahead of Fed Chairman Jerome Powell’s Jackson Hole appearance later this week. The yield on the 2Y UST inched up 1 bp to 3.77%, while that on the 10Y UST was up 2 bps at 4.33%.
• Equities were flat, with the S&P 500 and Nasdaq stable at 6,449 and 21,630, respectively.

• 4imprint’s order is backed by a 360-degree guarantee, arrives as expected and on time, with free samples, expert support, and total confidence
• Ether, unlike Bitcoin, is seen as a 90s tech stock that could potentially change the tech and internet industry
• Ether ETFs have doubled in assets in one month, reaching about 20 billion total, but still only make up 13% of Bitcoin ETF assets

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Even the revised draft is facing possible first-ever presidential non-approval, which acts like a de facto veto between Cabinet approval and National Assembly submission.
• The admin aims to make stocks outperform real estate, with a dividend tax cut under separate taxation as the key lever, fully recognized by the Presidential Office.
• Local markets are pulling back on Presidential Office delays, but signals point to a clear reform direction — time to build mid-term positions in banks and holdcos.

• revised Fed call expects easing in September with four consecutive cuts
• ECB in data watching mode, final cut expected in October
• Sweden may see lower growth due to trade war impact, inflation to decrease in the autumn, risk of falling below 2% next year. Norway has solid growth outlook, inflation above two and a half percent, minimal exposure to trade war.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• BBVA’s bid for Sabadell remains underwater, with a –6.8% spread despite a 29% BBVA’s rally. The latest exchange ratio worsens optics; a cash bump may be needed to secure acceptance.
• Legal and regulatory overhang persists, with BBVA appealing Spain’s three-year integration block. The outcome may reshape synergy capture but remains slow-moving, leaving short-term deal value limited and execution uncertain.
• Tactical opportunity remains in long SAB / short BBVA, with September’s acceptance window approaching. Unless terms improve, rejection risk is high; fundamentals and shareholder sentiment increasingly favour Sabadell’s standalone path.

• Dollar index has been consolidating for the last two months, leading to uncertainty
• Conditions for dollar bearishness still intact, with US real yields heading lower and growth slowing down
• Potential catalysts for dollar weakness include Fed capitulation to dovish side or Russia Ukraine resolution impacting energy prices and trade relations.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
• Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
• September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.

• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, for the week August 18 – August 22.     .XLSX MODEL DATA FILE ATTACHED.
• OVERBOUGHT at the WEEKLY Close: AAPL US , GOOG US , META US , China Mobile (941 HK) , Toyota Motor (7203 JP) , Softbank Group (9984 JP) , Nikkei 225
• OVERSOLD at the WEEKLY Close: Commonwealth Bank of Australia (CBA AU) , Crude Oil (CL1 COM COMDTY) 

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics
• UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.
• Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.

• FUTU’s platform is already scaled and profitable, with strong client growth, sticky assets, and expanding yields from cash and margin balances.
• Crypto optionality is real but not fully in consensus. The full license could transform revenue mix in 2026-27 significantly, with margin upside.
• At 20x FY2 P/E, even though its peak of its range, we think the valuation doesn’t reflect the potential impact on revenues from crypto. We believe consensus is 10-15% short.

• Institutions were net sellers of Singapore stocks from August 8 to 14, with a net outflow of S$465 million.
• Suntec REIT saw S$8.5 million net inflow, increasing its 2025 cumulative net inflows to S$53.7 million.
• Keppel led share buybacks, purchasing 2.99 million shares at S$8.41 each, totaling S$55.8 million in consideration.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Currently seven pair trade opportunities across two markets and two sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
• This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
• On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.

• Context: The Macquarie (MQG AU) vs. ANZ (ANZ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Macquarie (MQG AU) and short ANZ (ANZ AU) targets a 5% return to the statistical mean reversion level.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• The main forecasted additions are Banco Bilbao Vizcaya Argentari (BBVA SM) and Rheinmetall AG (RHM GR) as they are both surpassing the entry rank.
• The main forecasted deletions are Mercedes-Benz Group (MBG GR) and BASF (BAS GR) as they are both below the exit rank.
• The highest-ranked among Deutsche Bank (DBK GR), BAE Systems (BA/ LN) and Barclays (BARC LN) may replace Diageo Plc (DGE LN) if its price falls further.

• Context: The Commonwealth Bank (CBA AU) vs. Bank of Queensland (BOQ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: After Commonwealth Bank’s sharp post-earnings drop last week, a mean-reversion model suggests long Commonwealth Bank of Australia (CBA AU) and short Bank Of Queensland (BOQ AU).
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
• Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
• In this note, we will talk about the trading dynamics.